LUXURY MARKET REPORT 1 Q 2017
The quarterly Luxury Market Report provided by Trump International Realty is a resource compiling pertinent data and analytics to give you a pulse on the current luxury real estate market in New York City. This report primarily covers the Manhattan Luxury Market which is comprised of the top 10% of residential sales based on the sales price. Trump International Realty has become the premier luxury full-service, specialized real estate brokerage by leveraging its global brand recognition, real estate vision and tremendous resources. Figures and statistics contained in Trump International Realty’s Luxury Market Report are sourced from the Automated City Register Information System (ACRIS) and REBNY Listing Service (RLS) and based on the data available at the time of each quarterly report release. The previous quarter statistics in the subsequent report are revised to include the full quarter period after the data becomes available.
GLOSSARY Average Sale Price: Calculated by adding all final sales prices and dividing the sum by the total number of properties that sold prior to the publication of this report. Median Sale Price: Price point directly in the middle of the whole, half way above and half way below all recorded sale prices. Average Price Per Square Foot: Average price divided by the average square footage. Median Price Per Square Foot: Price point directly in the middle of the whole, half way above and half way below all recorded sales price per square foot. Closed Sales: Recorded closings at the time the report is prepared. Days on Market: The total number of days a listing is on the active market before it is sold. Inventory: Total number of all the properties listed for sale at any point during the quarter. Luxury Threshold: Minimum price point at which a property is considered to be in the Luxury Market. Thresholds change each quarter reflecting the market trends. Luxury Market Share by Co-op and Condo: Measured by number of sales. Price Discount %: Difference between the initial asking price and the final recorded sales price.
LUXURY REPORT / 1Q - 2017 MANHATTAN LUXURY MARKET OVERVIEW
1Q - 2017
1Q - 2016
1YEAR % CHG
4Q - 2016
1QTR % CHG
Avg. Sale Price
$9,749,849
$8,566,625
+13.81%
$8,788,639
+10.94%
The Luxury sector continues to show improvements as it transitions into recovery mode after a difficult year.While buyers today do have more choices, overall, prices have stabilized and improved yearover-year as sellers adjusted to a changing market. This report will point out diverging trends that define this market transition, and show that while the market still favors buyers, stabilizing conditions imply increasing price firmness.
Median Sale Price
$7,400,000
$6,695,487
+10.52%
$6,609,389
+11.96%
Avg. Price / Sq. Ft.
$2,950
$3,076
-4.10%
$2,840
+3.87%
Median Price / Sq. Ft.
$2,834
$2,676
+5.90%
$2,540
+11.57%
--
238
--
212
--
109
140
-22.42%
110
-0.91%
1,176
1,163
+1.12%
1,073
+9.60%
$4,648,311
$4,283,723
+8.51%
$4,358,110
+6.66%
LUXURY COMPARISONS
LUXURY MEDIAN PRICE TRENDS & SALES VOLUME
1Q - 2017 Median Sale Price
$8M
600
$7M
$6M
400
$6M
$4M
200
$5M
$2M
0
METRIC
Closed Sales Days on Market Inventory Luxury Threshold
6 1 02 -Q 61 4 0 2 -Q 6 3 1 02 -Q 6 2 1 02 -Q 1 5 1 02 -Q 51 4 0 2 -Q 5 3 1 02 -Q 5 2 1 02 -Q 1 4 1 02 -Q 41 4 02 41 Q3 02 41 Q2 0 2 -Q 1 31 0 2 -Q 31 4 02 -Q 31 3 02 31 Q2 0 2 -Q 1 21 0 2 -Q 21 4 02 -Q 2 3 1 02 -Q 2 2 1 02 -Q 1
s e la se R stn em p o le ve D
s o dn oC sp ooC
w eN
Legend
Luxury Median Sale Price
# of Sales
Trump International Realty New York is a licensed real estate broker. All material presented herein is intended for information purposes only. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or fnancing, or withdrawal without notice. All measurements and other information are approximate and should be verifed by your own attorney, architect or other professional. This information may not be copied, used or distributed without Trump International Realty’s prior consent. © 2017 Trump International Realty. Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2017 — TRUMPINTERNATIONALREALTY.COM
PAGE 1 / 5
LUXURY REPORT / 1Q - 2017 LUXURY MARKET OVERVIEW BY PROPERTY TYPE CO-OP
1YEAR % CHG
CONDO
1YEAR % CHG
TOWNHOUSE
1YEAR % CHG
Avg. Sales Price
$7,335,749
-7.90%
$9,665,278
+13.85%
$12,603,183
+25.00%
Median Sale Price
$6,122,500
-7.99%
$7,615,894
+15.22%
$9,148,120
+3.08%
$1,891
-25.17%
$2,902
+8.28%
$1,746
-18.37%
64
-32.11%
103
-25.90%
181
+2.84%
265
-8.30%
783
-3.93%
126
-15.44%
$4,648,311
+8.51%
$4,648,311
+8.51%
$4,648,311
+8.51%
METRIC
Med. Price / Sq. Ft. Days on Market Inventor y Luxur y Threshold
LUXURY MARKET SHARE BY CO-OP VS. CONDO
CO-OP
1Q - 2017
4Q - 2016
1Q - 2016
80%
80%
80%
60%
60%
60%
40%
40%
40%
20%
20%
20%
0%
0%
0% na tta hn aM e re d iS pp tse U W ed re pp i S U tsa E re nw pp ot U di M nw ot nw oD
e d iS tse W re pp ed i U S tsa E re pp n w U ot di M
tse W
re pp U
re pp U
120 of 193 sales transactions were new developments, representing 62% of the total first quarter sales.
nw o t nw oD
ed iS
ed iS tsa E
nw ot di M
nw ot nw oD
Q1 LUXURY NOTABLE STATS
CONDO
The transitive nature of the market is evident in the performance of co-ops versus condos. The median condo price improved substantially on a year-over-year basis, increasing over 17%. Meanwhile, the median co-op price fell 12.5% during the same time period. The small number of co-op sales, which trade at a discount to condos, is most likely responsible for the drastic decrease as other market metrics, such as days on market and inventory continue to improve in the co-op market.
Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2017 CLOSED SALES BY PRICE POINT 1Q - 2017
4Q - 2016
6%
1Q - 2016
3%
6%
19%
2%
9%
11%
27%
26%
29% 23%
26%
Legend
$0-$600k
21%
10%
12%
10%
2%
6%
20%
8%
$600k-$1M
24%
$1M-$2M
$2M-$3M
$3M-$5M
$5M-$10M
$10M+
MARKET OVERVIEW BY PRICE POINT $1M-$2M
1YEAR % CHG
$2M-$5M
1YEAR % CHG
$5M-$10M
1YEAR % CHG
$10M+
1YEAR % CHG
Avg. Sales Price
$1.41M
-3.12%
$3.06M
+1.38%
$6.90M
+1.56%
$17.00M
+9.46%
Median Sale Price
$1.37M
-5.85%
$2.90M
0.00%
$6.74M
+2.92%
$14.63M
+12.42%
Avg. Price / Sq. Ft.
$1,445
-2.03%
$1,849
0.00%
$2,603
-1.44%
$4,051
-23.68%
89
+41.27%
79
+13.57%
86
-31.75%
174
-1.14%
1241
+21.31%
1535
+14.72%
664
+7.27%
386
-11.06%
METRIC
Days on Market Inventory
LUXURY MARKET SHARE BY LOCATION 1Q - 2017
4Q - 2016
1Q - 2016
Downtown
45%
Downtown
34%
Downtown
47%
Midtown
13%
Midtown
24%
Midtown
18%
Upper East Side
26%
Upper East Side
20%
Upper East Side
24%
Upper West Side
16%
Upper West Side
21%
Upper West Side
11%
Upper Manhattan
Upper Manhattan
Upper Manhattan Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2017 LUXURY MARKET NUMBER OF SIGNED CONTRACTS New Development
Resale
250
200
200
150
150 100 100 50
50 0
0 3Q - 2014
Legend
2Q - 2015
Upper East Side
1Q - 2016
4Q - 2016
Upper West Side
Midtown
3Q - 2014
Downtown
2Q - 2015
Upper Manhattan
1Q - 2016
4Q - 2016
Total Luxury Market
LUXURY MARKET INVENTORY New Development
Resale
800
800
600
600
400
400
200
200
0
0 2Q - 2014
Legend
1Q - 2015
Upper East Side
4Q - 2015
3Q - 2016
Upper West Side
2Q - 2014
Midtown
Downtown
1Q - 2015
4Q - 2015
Upper Manhattan
3Q - 2016
Total Luxury Market Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2017 LUXURY MARKET DAYS ON MARKET VS PRICE DISCOUNT % 140
8% 7%
120 6% 100
5% 4%
80 3% 60
2% 61 02
61 02
51 02
51 02
41 02
-Q 3
-Q 1
-Q 3
-Q 1
-Q 3
Co-op Price Trends Take a Tumble
-Q 1
-Q 3
-Q 1
-Q 3
-Q 1
Contract Activity Picks Up
41 02
31 02
31 02
21 02
21 02
LUXURY MARKET INSIGHTS
The Luxury sector seems to be past the softness that defined much of 2016. This is evident in real-time indicators of rising contract activity and falling days on market in comparison from last year. Although downward pricing pressure remains from a waning pipeline of new development deals, when looking at market dynamics in the field today, we expect a more stable marketplace going forward.
TOWNHOUSE MARKET OVERVIEW 1Q - 2017
1Q - 2016
1YEAR % CHG
4Q - 2016
1QTR % CHG
$10,570,852
$7,078,596
+49.34%
$7,014,972
+50.69%
$7,215,000
$5,950,000
+21.26%
$5,950,000
+21.26%
$1,724
$1,193
+44.51%
$913
+88.83%
Days on Market
181
148
+22.30%
78
+132.05%
Inventory
149
183
-18.58%
101
+47.52%
METRIC
Avg. Sale Price Median Sale Price Med. Price / Sq. Ft.
Source: UrbanDigs.com
Trump International Realty
108 Central Park South New York, NY 10019 212.247.7100
LUXURY REPORT / 1Q - 2017 — TRUMPINTERNATIONALREALTY.COM
Charlotte: 704.799.0700 Miami: 305.392.4945 Jupiter: 561.691.8710
Westchester: 914.373.6290 Las Vegas: 877.878.6711 Chicago: 312.644.0900
PAGE 5 / 5
“My family is incredibly passionate about one thing — ultra luxurious real estate. Throughout the years, we have developed and bought some of the finest properties in the most iconic locations around the world. Time and time again, we set record sales and pride ourselves on being market leaders and innovators. Trump International Realty combines our personal experiences and our hand selected top sales professionals to represent you in the purchase or sale of your home. We understand the importance and complexities of real estate and will ensure that each transaction will be treated as if it were one of our own.” - ERIC TRUMP
OUR OFFICES NEW YORK, NY
W E S T C H E S T E R , NY
MIAMI, FL
JUPITER, FL
212.247.7100
914.373.6290
305.392.4945
561.691.8710
CHARLOTTE, NC
CHICAGO, IL
LAS VEGAS, NV
VIRGINIA, VA
704.799.0700
312.644.0900
877.878.6711
571.323.1745
Trump International Realty is a Licensed Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice. All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. If your property is currently listed with another real estate broker, please disregard this offer. This is not intended to solicit property already listed. © 2017 Trump International Realty